Corn futures saw 1 to 3 cent gains in most contracts on Friday, with May up 2.47% on the week. Support stemmed from strength in wheat, bargain hunting and higher ethanol futures. Friday afternoon’s CFTC Commitment of Traders report showed managed money with a record reported net short position in corn futures and options of 257,965 contracts on March 12. That was an addition of 81,188 contracts from the previous week. Total export commitments are down 6.3% from a year ago, when importers were buying in anticipation of a smaller South American crop. Commitments are now 68% of the newly updated US export projection, vs. the average of 76%.

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